This morning in metals news: the U.S. Senate on Tuesday voted to pass a $1 trillion infrastructure bill; the Consumer Price Index for All Urban Consumers rose once again in July; and, finally, the Energy Information Administration forecast lower-than-average natural gas inventories heading into the winter heating season.
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Senate passes $1T infrastructure bill
After a lengthy back and forth, the U.S. Senate passed a $1 trillion infrastructure bill Tuesday by a vote of 69-30.
“There is a discrepancy in historical Federal investment between highways, aviation, and intercity passenger rail,” the bill text reads. “Between 1949 and 2017, the Federal Government invested more than $2 trillion in our nation’s highways and over $777 billion in aviation. The Federal Government has invested $96 billion in intercity passenger rail, beginning in 1971 with the creation of the National Railroad Passenger Corporation. Intercity passenger rail Federal investment is only 12 percent of Federal aviation investment and less than 5 percent of Federal highway investment.”
United States Trade Representative Katherine Tai said the deal marked a step closer to “historic, once-in-a-generation infrastructure investments.”
“The bill will improve our roads, bridges and ports, build resilient energy networks that combat climate change, and strengthen our supply chains,” Tai said. “Finally, the strong Buy America provisions will support our workers and revitalize domestic industries while maintaining America’s competitive edge.”